Hey guys, I was having this EXACT same problem. My cousin & I used to play together with no problems, then all of a sudden after the last update all hell broke loose. Both of us experienced total game freezes, and ever since we couldn't enter a party together. I (& my cousin) tried EVERYTHING, including checking the NAT settings. Then I stumbled across a website which shows you how to clear the Xbox 360 cache.
Go to system menu > memory > once you see your hard drive, press Y for "device options". Once you see the options to rename/format, press X, X, LB, RB, X, X quickly, then say YES. My cousin & I both did this & now we are able to play together again! You will have to re-download the latest CoD4 update, as it is deleted once you clean the cache.
Can't guarantee results, but like I said it worked for us. Something must have really been F*ed up in that last update or something.....
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